Transforming the Retail Landscape
The shopping experience is nowadays transformed and split into digital and physical. Big data collected from previous online and offline purchasing behaviour provides information to retailers, enabling them to predict customer behaviour and deliver personalised service.
Designed to be a product experience location, shops now require less storage space since offline transactions are greatly reduced. Additionally, with centralised stocking arrangements and simplified logistic processes, store sizes and manpower costs have been significantly reduced. This results in a huge change in the form of retail shops.
With an expansion in Europe over the last five years, they have suffered great losses and resulted in closing down or even bankruptcy. They did not catch the pace to adapt to the new customer behaviour. China has successfully transformed retail formats to embrace online shopping on a nationwide scale, facilitating 24/7 shopping regardless of location and creating a vibrant shopping experience. This transformation reshapes the retail landscape, from small retail shops to large retail complexes.
Explore the retail transformation with Keith Griffiths and Christine Lam
